Property Ownership
A cooperative (co-op) differs from a condominium because in a cooperative:
AOwners receive a fee simple deed to their unit
BResidents own shares in a corporation and receive a proprietary lease for their unit✓ Correct
CEach owner holds an equal undivided interest in all units
DThe HOA manages individual unit sales
Explanation
In a cooperative, residents purchase shares in a corporation that owns the building and receive a proprietary lease giving them the right to occupy a specific unit. There is no individual fee simple ownership of a unit.
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